Providing loan services in the event of a total loss claim

ABSTRACT

Providing a property replacement loan offer to a customer that has lost property in a total loss event where the offer is provided automatically in response to an indication of the total loss event. The invention includes computer-based processes that collect customer-specific data for the customer whose property is involved in the total loss event and using this data to prequalify the customer for the property replacement loan. The processing includes accessing a credit bureau to receive data related to the customer&#39;s credit.

TECHNICAL FIELD

The present invention relates generally to systems and methods forproviding loan services to a customer and more specifically toautomatically prequalifying a consumer for a loan to replace lostproperty.

BACKGROUND

Insurance policies allow consumers to protect against the loss of lifeor property. For example, a person purchases insurance to cover loss ofor damage to his or her automobile. In exchange for the payment ofinsurance premiums to an insurance provider, the provider agrees tocompensate the policy holder in the event a loss or damage to thecovered property. In some cases, the insurance provider pays to have theproperty repaired, such as in the case where an automobile is damaged inan accident. In other cases, the insurance provider determines that theaccident results in a total loss. In such cases, the property cannot beeconomically repaired and the insurance provider compensates the insuredfor this loss. These insurance claims are terms “total loss claims.”

In the event of a total loss, an insured individual likely will need toreplace the lost property. For example, following an automobile accidentthat results in the total loss claim, the insured will likely need topurchase a replacement automobile. Typically, the amount of compensationreceived from an insurance provider in response to the total loss claimis less than the cost to replace the lost property. For example, afive-year-old automobile may be worth $10,000 while a new automobile ofthe same make and model may cost $25,000. If the five-year-oldautomobile suffers a total loss event, the insurance provider wouldtypically pay the customer $10,000, less any applicable deductible. Ifthe customer wants to replace the lost property with a new car, he orshe would need $15,000 more to pay for the new car. Often, a customerwould take out a loan to pay this difference. Insurance providers arepositioned to provide loan services to the insured in the event of atotal loss claim. In response to servicing the claim, the insuranceprovider can offer the customer loan products that can be used toreplace the lost property. Such a loan is referred to herein as aproperty replacement loan. Given that a customer may need to replace theproperty as soon as possible, how quickly a loan offer can be providedto the customer is critical in securing that loan business. One initialstep in many loan processes is to pre-approve or prequalify a customerfor a certain loan. This prequalification uses limited data on thecustomer to determine, based on the customer's credit worthiness, if thecustomer would likely qualify for a specific loan product.

In order to provide loan prequalification and loan offers to a customerin response to a total loss event, an insurance provider may have arelationship with one or more financial institutions. In one case, thefinancial institution may be part of a larger company that includes bothan insurance provider and a financial institution. This case may includethe situation were a financial institution owns an insurance providersubsidiary or vice versa. In a second case, the insurance provider mayhave a business relationship with one or more financial institutionsthat are independent of the insurance provider, where the businessrelationship includes the financial institution providing loans tocustomer's of the insurance provider that have suffered a total lossevent. In a third case, a financial institution may establish arelationship with one or more insurance providers for the purpose ofreceiving indications of total loss events so as to pursue those loanopportunities.

Even if the customer has already secured a loan to replace the property,the insurance provider may still want to offer a property replacementloan to the customer. That is, the offered loan may provide morefavorable terms than the property replacement loan secured by thecustomer, such that the customer would take the new loan offer and payoff the loan previously obtained by the customer. For example, thecustomer could have secured financing for a new car through anautomobile dealership where the customer purchased a replacement vehicleafter a total loss event. The customer could still benefit from a loanwith better financial terms, such that the customer would refinance thevehicle loan.

What is needed is an automated system and method for providing loanservices to an insurance customer in the event of a total loss claim,including automating the prequalification process for a propertyreplacement loan. By automating the process, the system and methodachieve one of the goals of this solution—to quickly provide apre-approved loan offer to a customer following a total loss event.

SUMMARY OF THE INVENTION

The present invention includes systems and methods for automaticallyproviding loan services to an insurance provider customer in the eventof a total loss claim. In one aspect of the present invention, acomputer-based method for automatically providing a loan offer to acustomer is provided. In this method, one or more computers perform thesteps of: 1) receiving at the computer an indication of a total lossevent for a customer's property; 2) collecting prequalification data fora customer from a data source comprising customer-specific data; 3)prequalifying the customer for a property replacement loan based on thecollected prequalification data and further based on data associatedwith the customer's credit; 4) providing a customer an offer for theproperty replacement loan; and 5) reporting a status of the loan offer.

In another aspect of the present invention, a computer-based system forautomatically providing a loan offer to a customer is provided. Thesystem includes a total loss claim loan offer module programmed to: 1)receive an indication of a total loss event for a customer's propertyfrom an insurance processing computer; 2) collect prequalification datafor a customer from a data source comprising customer-specific dataresident on the insurance processing computer; 3) prequalify thecustomer for a property replacement loan based on the collectedprequalification data and further based on data associated with thecustomer's credit; 4) provide a customer an offer for the propertyreplacement loan; and 5) report a status of the loan offer to a computerassociated with a financial institution.

In yet another aspect of the present invention, a computer-based methodfor automatically providing a loan offer to a customer is provided. Inthis method, one or more computers perform the steps of: 1) receiving ata computer an indication of a total loss event for a customer'sproperty; 2) querying, by the computer, a data source comprisingcustomer-specific data to collect prequalification data for a customer;3) receiving, at the computer in response to the query, thecustomer-specific data; 4) determining, by the computer, if the customerhas elected privacy options that would prevent the use of thecustomer-specific data to provide the loan offer; 5) determining, by thecomputer, if the customer-specific data includes at least one piece ofdata that can be used to perform a credit check; 6) submitting, by thecomputer, the collected prequalification data to a credit bureaucomputer; 7) receiving, by the computer from the credit bureau computer,a result of a credit evaluation; 8) determining if the customerprequalifies for a property replacement loan; 9) providing, by thecomputer, the customer an offer for the property replacement loan; and10) reporting, by a computer, a status of the loan offer.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 provides a diagram depicting a computer network in accordancewith an exemplary embodiment of the present invention.

FIG. 2 provides a diagram depicting a software architecture inaccordance with an exemplary embodiment of the present invention

FIG. 3 provides a flow diagram depicting the process flow for providingloan services in the event of a total loss claim in accordance with anexemplary embodiment of the present invention.

FIG. 4 provides a flow diagram depicting the process flow for collectingprequalification data for a customer in accordance with an exemplaryembodiment of the present invention.

FIG. 5 provides a flow diagram depicting the process flow forprequalifying a customer for a property replacement loan in accordancewith an exemplary embodiment of the present invention.

FIG. 6 provides a flow diagram depicting the process flow for offering acustomer a property replacement loan in accordance with an exemplaryembodiment of the present invention.

DETAILED DESCRIPTION OF EXEMPLARY EMBODIMENTS

The exemplary embodiments of the present invention provide systems andmethods for providing an insurance customer automated loan services inthe event of a total loss claim. More specifically, the presentinvention provide systems and methods for automatically deliveringproperty replacement loan leads to an insurance provider representativeor property replacement loan offers to an insurance provider customer.The description below provides exemplary embodiments of the presentinvention. Most of the descriptions use an automobile as an example of aconsumer's property subjected to a total loss event. The presentinvention is not limited to automobile total loss events but isapplicable to other insured property, such as motorcycles, boats,recreational vehicles, homes, or other similar insured property.

FIG. 1 depicts a computer network 100 in accordance with an exemplaryembodiment of the present invention. Referring to FIG. 1, a loan offercomputer 105 is connected to additional computing devices over a localarea network (LAN), virtual private network (VPN), or wide area network(WAN), such as the Internet 125. The loan offer computer 105 automates aprocess for providing a property replacement loan offer to a customer inthe event of a total loss of the customer's property. In this exemplaryembodiment, the loan offer computer 105 is part of a financialinstitution's computer network 160, where the financial institutionprovides the property replacement loan. In this embodiment, thefinancial institution may have a corporate relationship with theinsurance provider that provided insurance coverage for the lossproperty and, in that case, the financial institution's computer network160 is connected to an insurance provider's computer network 165. In analternative embodiment, the financial institution and insurance providerare not related companies. In this alternative embodiment, the financialinstitution's computer network 160 is connected to an insuranceprovider's computer network 165 over an external connection, such as theInternet 125.

The loan offer computer 105 is connected to an insurance processingcomputer 120, which performs computer-based operations for the insuranceprovider. The loan offer computer 105 is capable of receiving anindication from the insurance processing computer 120 when a total lossevent has occurred. The insurance processing computer 120 is connectedto a claims computer 110, which is part of a property claims system. Forexample, the claims computer 110 may be operated by a claims adjusterfor an insurance provider or a vendor of an insurance provider, such asan auto body shop, who provides an estimate of the damages to acustomer's property, such as an automobile. The claims computer 110sends information on the customer's property over the Internet 125 tothe insurance processing computer 120. This information may include anassessment of whether the damage to the property constitutes a totalloss. Alternatively, the claims computer 110 sends may be connected tothe insurance processing computer 120 over a LAN or VPN. Similarly, aninsurance adjuster may use a mobile computing device, such as a tablet115, smartphone (not shown), laptop computer (not shown), or othermobile computing device. These devices, such as the tablet 115, mayconnect, through a wireless network or cellular-based telephony network,to the insurance processing computer 120 through the Internet 125.Through this connection, an adjuster sends information to the insuranceprocessing computer 120 on the condition of a customer's property.

The insurance processing computer 120 includes computer-based processesin addition to insurance claims processing, such as a client register,which includes data on customers of the insurance provider; an associateregister, which includes information on insurance provider agents; anactivity management process, which allows agents to manage specificopportunities to provide services to customers; and a marketing directmail module, which sends information to customers or potential customersin the form of mail by way of the postal service or electronic mail overthe Internet 125. The insurance processing computer 120 may be one ormore computers connected over a network, such as a LAN, WAN, or VPN.These one or more computers may operate on similar or disparate softwareplatforms. The insurance processing computer 120 is connected tomultiple work stations 155. This configuration allows insurance providerrepresentatives, such as customer service representatives and insuranceagents, to access the processes on the insurance processing computer120. The insurance processing computer 120 is connected to the workstations 155 over a network, such as a LAN (e.g., insurance provider'scomputer network 165), WAN (such as the Internet 125), or VPN.

The loan offer computer 105 is also connected to a credit bureaucomputer 130, which performs consumer credit-related services. Forexample, the computer 130 may be operated by a credit bureau, such asTRANSUNION®, EXPERIAN®, or EQUIFAX®. A credit bureau collects andaggregates information related to a consumer's credit activity, such aspayment history, debts, and court records. Typically, these creditbureaus calculate a credit score for a consumer based on the collectedand aggregated data. The credit score, derived from an algorithmemployed by the credit bureau, reflects the relative credit-worthinessof the consumer. Companies, such as financial institutions, can, for afee, access a consumer's credit score and other credit data from thecredit bureau.

The loan offer computer 105 is also connected to a bank loan centercomputer 135, which is associated with the financial institution thatultimately will provide loan services to the insurance provider'scustomer that suffered a total loss event. The computer 105 may beconnected to the bank loan center computer 135 over a WAN, such as theInternet 125, a LAN, or a VPN. Typically, the loan offer computer 105would be connected to the bank loan center computer 135 over a LAN or aVPN when the insurance provider and financial institution are part ofthe same company.

The loan offer computer 105 is also connected to a loan applicationprocessing computer 140, which maintains an Automated Credit ApplicationProcessing System (ACAPS). The ACAPS receives and stores information forprequalified customers to facilitate the final loan application process.The ACAPS may be managed by an independent entity, that is, an entityindependent of the financial institution and insurance provider.Alternatively, the ACAPS may be part of the financial institution andmay reside on computer 135 or be part of the financial institution'scomputer network 160.

The loan offer computer 105 is also connected to a computer 145, whichis operated by a consumer, such as a customer of the insurance provider.The customer can access certain functionality of the loan offer computer105 over a network, such as the Internet 125. Typically, access would bethrough a portal on the World Wide Web and the personal computer 145would include a browser software program for accessing the loan offercomputer 105. Alternatively, the personal computer 145 may have a clientsoftware program used to access the loan offer computer 105. Further, acustomer can use the personal computer 145 to report a claim to theinsurance processing computer 120 in the event of an accident, wheresuch a claim may ultimately be classified as a total loss event.Alternatively, the customer can access the loan offer computer 105 orinsurance processing computer 120 using a mobile device (not shown) orby contacting his or her agent or a call center for the insuranceprovider.

The loan offer computer 105 is also connected to a bank pre-approval andprequalification database server 150, which contains information aboutthe customer's property replacement loan process. For example, thisdatabase 150 includes personal identifying information for the customer,information from the credit bureau, information about the customer'sinsurance agent, and the status of the replacement loan offer.Typically, the database records for a customer would be associated witha unique customer ID.

The loan offer computer 105 is also connected to an agent computer 170.The agent computer 170 is operated by an agent of the insuranceprovider, who may be an independent contractor of the insuranceprovider. In this exemplary embodiment, the agent computer 170 isconnected to the loan offer computer 105 over the Internet 125. Theagent computer 170 may interact with the loan offer computer 105 throughthe insurance processing computer 120.

FIG. 2 provides a diagram depicting a software architecture 200 inaccordance with an exemplary embodiment of the present invention.Referring to FIGS. 1 and 2, a total loss claim loan offer module 205interacts with other software modules to prequalify a customer for aloan that can be used to replace property lost in a total loss event,such as an automobile totaled in an accident. The total loss claim loanoffer module 205 receives an indication from an enterprise claims system210 or a claims service record 215 that a total loss event has occurred.This indication of a total loss event triggers the property replacementloan prequalification process.

The total loss claim loan offer module 205 exchanges information with aclient register 220. The client register 220 includes specificinformation associated with a customer of the insurance provider.Typically, customer data would be maintained and associated with aunique customer identifier (ID). Data may include specifics aboutinsured property, personal identifying information (name, address, phonenumber, email address, social security number, and the like), andprivacy preferences. For example, the data may indicate whether acustomer has indicated a preference not to share his or her data withother entities or has indicated a preference not to be solicited withoffers of other products or services. The client register 220 resides onthe insurance processing computer 120.

The total loss claim loan offer module 205 also exchanges informationwith a credit bureau module 225. The credit bureau module 225 ismaintained and operated by a third-party commercial credit bureau andresides on the credit bureau computer 130. Typically, the credit bureaumodule 225 would include the capability to interact with computer-basedsystems of entities that use the credit bureau's services, such as aninsurance provider or financial institution.

The total loss claim loan offer module 205 also exchanges informationwith an associate register 230. The associate register 230, whichresides on the insurance processing computer 120, includes informationabout agents for the insurance provider. Insurance agents may representa single insurance provider or multiple insurance providers. Theassociate register 200 includes information on these agents such ascontact information and customers.

The total loss claim loan offer module 205 also provides information toan automated credit application processing system (ACAPS) 235. Theautomated credit application processing system 235, which may reside onthe loan application processing computer 140, receives files for eachcustomer that is prequalified for a property replacement loan. The ACAPSstores this provided information to facilitate the final loanapplication process should the customer elect to pursue the offeredproperty replacement loan. Information may be provided to the ACAPSthrough an integrated loan application (ILA) system, which may beinterfaced by agents of the insurance provider or financial institutionto provide certain customer information.

The total loss claim loan offer module 205 interacts with a bankpre-approval and prequalification database 240. The bank pre-approvaland prequalification database 240, which resides on the bankpre-approval and prequalification database server 150, includesinformation about each property replacement loan offer, including dataon customer, the customer's agent, and the status of the loan offer.

The total loss claim loan offer module 205 interacts with an activitymanagement module 245. The activity management module 245, which resideson the insurance processing computer 120, allows agents of the insuranceprovider whose customer suffered the total loss event to manage theirinteractions with customers. The activity management module 245 informsthe agent of possible leads for a certain customer and triggers actionsrelated to a specific customer, for example, informing the agent of theimminent expiration of a customer's insurance policy. The activitymanagement module 245 also notifies the agent that a customer isprequalified for a property replacement loan in the event of a totalloss event. In an alternative embodiment, such as where the insuranceprovider is a subsidiary of the financial institution providing the loanoffer or has been contracted by the financial institution to provide anindication of a total loss event, the activity management module 245 maybe used by a representative of the financial institution.

The total loss claim loan offer module 205 interacts with a bank offerpage 250. The bank offer page 250, which resides on the loan offercomputer 105, allows an agent to manage a specific customer's loanoffer. The bank offer page 250 can be accessed from a hypertext transferprotocol (HTTP) link provided by the activity management module 245. Thebank offer page 250 allows the agent to extract specific informationabout a loan offer and update loan offer information. These updates areprovided to the total loss claim loan offer module 205, which thenupdates the bank pre-approval and prequalification database 240 with thenew information. In an alternative embodiment, a customer may view andinteract with the bank offer page 250 by accessing the bank offer page250 with the customer's computer 145 over the Internet 125.

The total loss claim loan offer module 205 interacts with a marketingdirect mail module 255. The marketing direct mail module 255, whichresides on the insurance processing computer 120, facilitates the massmailing of information to insurance provider customers. These mailingsmay be either mail delivered by the postal service or electronic mail(or both). For property replacement loan offers, the marketing directmail module 255 receives data related to a prequalified customer andgenerates a prequalification letter be sent to a customer. The marketingdirect mail module 255 may send letters in a batch-wise fashion atspecific periods of time, such as weekly or daily.

The total loss claim loan offer module 205 interacts with an enterprisereporting/document management module 260. The enterprisereporting/document management module 260 receives periodic reports fromthe total loss claim loan offer module 205 regarding total loss events.The enterprise reporting/document management module 260 provides thetotal loss claim loan offer module 205 with reports regarding loan offeractivity, including business partner activities. Example reports mayinclude customer contacts and loan offers made, perhaps broken up intogeographical regions, such as prequalified loan offers by state.

The total loss claim loan offer module 205 sends information to a bankloan center module 265. The bank loan center module 265, which resideson the bank loan center computer 135, ultimately processes loans.Periodically, such as on a daily or weekly basis, the total loss claimloan offer module 205 sends reports to the bank loan center module 265identifying all prequalified customers.

FIG. 3 provides a flow diagram 300 depicting the process flow forproviding loan services in the event of a total loss claim in accordancewith an exemplary embodiment of the present invention. Referring toFIGS. 2 and 3, the total loss claim loan offer module 205 receives anindication of a total loss claim or event, such as from the enterpriseclaims system 210 or claims service record 215. A claims representativefor the insurance provider or other vendor that supplies services to theinsurance provider, such as an auto repair facility, evaluates acustomer's property involved in an accident. This evaluation includes anestimate of the amount of damage that the property sustained (forexample, the cost to repair the damage). Based on this evaluation, therepresentative or a process running on the insurance processing computer120 determines that the accident is a total loss event. Typically, thisdetermination will be based on the estimate of the damage sustainedcompared to the value of the property. For example, if the cost torepair an automobile after an accident is greater than the value of theautomobile, the event will be deemed a total loss event—the car is saidto have been “totaled.” The results of the evaluation are recorded inthe insurance processing computer 120 and this result is available tothe total loss claim loan offer module 205 during the process 300. Inone embodiment, the insurance processing computer 120, through theenterprise claims system 210, pushes a notification to the total lossclaim loan offer module 205, which includes a process to “listen” forsuch a notification. In an alternative embodiment, the total loss claimloan offer module 205 polls the insurance processing computer 120 forany total loss events. In some cases, the total loss event indicationmay be an indication that the occurrence is likely a total loss event,such that, a subsequent evaluation could determine that the event didnot result in a total loss.

Upon receiving an indication of a total loss event, the total loss claimloan offer module 205 collects prequalification data for the customerthat lost property in the total loss event at step 320. This step isdescribed in greater detail below, in connection with FIG. 4.

At step 330, the total loss claim loan offer module 205 prequalifies thecustomer for a property replacement loan. This step is described ingreater detail below, in connection with FIG. 5. If the customer isprequalified for a property replacement loan, the customer is offeredthe loan at step 240. This step is described in greater detail below, inconnection with FIG. 6. At step 350, the total loss claim loan offermodule 205 reports and/or updates the status of the property replacementloan.

FIG. 4 provides a flow diagram 320 depicting the process flow forcollecting prequalification data for a customer in accordance with anexemplary embodiment of the present invention. Referring to FIGS. 2, 3,and 4, at step 410, the total loss claim loan offer module 205 queriesthe client register 220 for customer information. The indication of atotal loss claim received by the total loss claim loan offer module 205at step 310 includes a unique customer ID associated with the claim.While an insurance claim record associated with the total loss event mayhave personal identifying information about the customer, such as asocial security number, in this exemplary embodiment, only the uniquecustomer ID is transferred from the claim record to the total loss claimloan offer module 205 as part of the indication of a total loss eventreceived at step 310. The query at step 410 uses that customer ID toextract specific information about the customer to be used in theprequalification process. Such information may include personalidentifying information for the customer, such as a social securitynumber and driver's license number, the nature of the covered property,any privacy preferences for the customer, and whether the customer isdeceased. For some total loss events, such as a serious automobileaccident, the property owner could be killed in the accident. The clientregister 220 would include such information.

At step 420, the total loss claim loan offer module 205 determines ifthe customer's privacy preferences include an indication not to sharethe customer's personal information. The insurance provider's privacypolicy may allow a customer to indicate that he or she does not want anypersonal information shared with the insurance provider's businesspartners. If the result of the determination at step 420 is “YES,” theprocess 320 moves to step 499 and ends. In this event, theprequalification process is terminated.

If the result of the determination at step 420 is “NO,” the process 320moves to step 430, where the total loss claim loan offer module 205determines if the customer's privacy preferences include an indicationnot to be solicited for other products or services provided by theinsurance provider. The insurance provider's privacy policy may allow acustomer to indicate that he or she does not want solicitations forother products or services administered by the insurance provider. Ifthe result of the determination at step 430 is “YES,” the process 320moves to step 499 and ends. In this event, the prequalification processis terminated.

If the result of the determination at step 430 is “NO,” the process 320moves to step 440, where the total loss claim loan offer module 205determines if the customer is deceased. Since some total loss events,such as serious automobile accidents, could result in the death of thecustomer, the insurance provider wants to ensure that it does notprovide any solicitation under such circumstances. If the result of thedetermination at step 440 is “YES,” the process 320 moves to step 499and ends. In this event, the prequalification process is terminated.

If the result of the determination at step 440 is “NO,” the process 320moves to step 450, where the total loss claim loan offer module 205determines if the client register 220 includes the customer's socialsecurity number or driver's license number. A customer's social securitynumber or driver's license number is often supplied to a credit bureauto perform a credit check, which is a determination of the creditworthiness of an individual. Regardless, of the result of this inquiry,the process 320 moves to step 460, where the total loss claim loan offermodule 205 stores retrieved information and moves to step 330. In theevent that the client register 220 did not have the customer's socialsecurity number or other specific identification number, such as adriver's license number, the total loss claim loan offer module 205 cancontinue with the prequalification process. However, the quality of theprequalification results may be impacted if the total loss claim loanoffer module 205 cannot associate the results of subsequent processingsteps with the specific customer.

FIG. 5 provides a flow diagram depicting the process flow 330 forprequalifying a customer for a replacement loan in accordance with anexemplary embodiment of the present invention. Referring to FIGS. 2, 3,4, and 5, at step 510, the total loss claim loan offer module 205submits customer information stored at step 460 to the credit bureaumodule 225. The credit bureau module 225 uses the submitted informationto provide a prequalification result. In one embodiment, this result isa credit score that is returned to the total loss claim loan offermodule 205 at step 520. In an alternate embodiment, this result is adetermination as to whether the customer is prequalified for the loan.In this latter embodiment, the information supplied to the credit bureauat step 510 would include loan terms, such as loan amount, interestrate, and duration.

In one embodiment, the replacement property loan amount for which thecustomer is prequalified may be a set amount. For example, in the caseof a total loss event involving an automobile, each prequalificationwould be for a property replacement loan of a set amount, such as$25,000. The set amount could be based on the average price of a newautomobile. In an alternative embodiment, the loan amount may be basedon the lost property. For example, in the case of a total loss eventinvolving an automobile, the prequalification would be for the amount ofmoney to purchase a new automobile of the same (or comparable) make andmodel as the automobile involved in the total loss event (perhaps lessthe amount that the customer will receive for the value of the totaledcar). In another alternative embodiment, the prequalification step couldset a maximum value for which the customer is prequalified. For certaintotal loss events, a variety of loan terms may be used to developmultiple prequalifications. For example, in the case where a home is theproperty lost in the total loss event, the property replacement loanterms may include loans for different durations (15 years and 30 years,for example) and different interest rate scenarios (fixed rate oradjustable rate, for example).

At step 530, the total loss claim loan offer module 205 determines ifthe customer was found by the credit bureau module 225. If the result ofthe determination at step 530 is “NO,” the process 330 moves to step 599and ends. In this event, the prequalification process is terminated. Inan alternative embodiment, the process 330 returns to step 510 and thetotal loss claim loan offer module 205 submits the customer informationto a different credit bureau.

If the result of the determination at step 530 is “YES,” the process 330moves to step 540, where the total loss claim loan offer module 205determines if the credit bureau module 225 encountered an error inprocessing the prequalification request. If the result of thedetermination at step 540 is “YES,” the process 330 moves to step 599and ends. In this event, the prequalification process is terminated. Inan alternative embodiment, the process 330 returns to step 510 and thetotal loss claim loan offer module 205 submits the customer informationto a different credit bureau.

If the result of the determination at step 540 is “NO,” the process 330moves to step 550, where the total loss claim loan offer module 205determines if the customer prequalifies for the property replacementloan. This determination may be based on a determination made by thecredit bureau module 225 or based on an analysis by the total loss claimloan offer module 205, which would use information returned at step 520,such as a credit score, and other information, such as loan terms, todetermine if the customer prequalifies for the property replacementloan. Loan terms and the customer's information and credit score (and/orother credit data) may be used in an algorithm that is part of the claimloan offer module 205 to determine if the customer qualifies for thespecific loan. Alternatively, the algorithm may determine, based on thecustomer's data and credit score (and/or other credit data), the loanterms for which the customer qualifies.

If the result of the determination at step 550 is “NO,” the process 330moves to step 599 and ends. In this event, the prequalification processis terminated. In an alternative embodiment, the process 330 returns tostep 510 and the total loss claim loan offer module 205 submits thecustomer information to a different credit bureau.

The above-described process employs a single credit bureau or, in analternative embodiment, multiple credit bureaus accessed in series. Inyet another alternative embodiment, at step 510, the total loss claimloan offer module 205 could send the customer information to multiplecredit bureaus in parallel. In this alternative embodiment, the ultimatedetermination at step 550 would be based on results returned at step 520from all of the credit bureaus.

If the result of the determination at step 550 is “YES,” the process 330moves to step 560, where the total loss claim loan offer module 205sends the prequalification results to the bank pre-approval andprequalification database 240. The prequalification results would beassociated with a unique customer ID for the customer that suffered thetotal loss event.

At step 570, the total loss claim loan offer module 205 periodicallysends the prequalification data to the automated credit applicationprocessing system (ACAPS) 235. For example, on a daily or weekly basis,the total loss claim loan offer module 205 would send theprequalification data to ACAPS 235 for all prequalified customers sincethe previous communication with the ACAPS 235. The data is used toautomatically populate a loan application for the customer.

FIG. 6 provides a flow diagram depicting the process flow 340 foroffering a customer a replacement loan in accordance with an exemplaryembodiment of the present invention. Referring to FIGS. 2, 3, 5, and 6,at step 610, the total loss claim loan offer module 205 extractscustomer loan data from the bank pre-approval and prequalificationdatabase 240. The prequalification results would be associated with aunique customer ID for the customer that suffered the total loss event.

At step 620, the total loss claim loan offer module 205 sends anindication that the customer was prequalified for a property replacementloan to the activity management module 245. Typically, the claimsprocessing aspect of the insurance provider, that is, the groupprocessing the claim associated with the total loss event, would not beinformed of the results of the prequalification. At step 630, an agentor other provider representative assigned to the customer receives awork activity from the activity management module 245 associated withthe prequalification. Typically, an agent would routinely log into theactivity management module 245. The activity management module 245 wouldpush activities to the agent's user interface, such as a personalcomputer screen or tablet computer. The agent would then perform theactivity. The activity management module 245 serves as a way for aninsurance provider to manage the work flow of certain tasks.

At step 640, the agent launches an offer page associated with theproperty replacement loan for the prequalified customer. For example,the activity management module 245, which may be accessed with a browserprogram, may provide an HTTP link that the agent can actuate to open aweb page with a browser. With this page, the agent can view and provideinput related to the property replacement loan offer.

At step 650, the agent provides the offer to the customer and updatesthe bank pre-approval and prequalification database 240. This step maybe accomplished by initiating an email to the customer. The email mayhave a link to allow the customer access to the loan offer page (orsimilar page). Alternatively, the agent could call the customer. Inanother alternative, the agent can refer the offer to a call center,where a customer service representative places the call that providesthe offer to the customer. In yet another alternative, the total lossclaim loan offer module 205 could automatically send the offer to thecustomer without the agent taking any action.

In some cases, the customer may have already secured a loan. In thosecases, the offered loan would be treated as a refinancing loan. Theagent (or total loss claim loan offer module 205, though direct inputfrom the customer accessing a loan offer page using the personalcomputer 145) would receive information on the terms of the loan alreadysecured by the customer. In some cases, if the loan already secured bythe customer has terms more favorable to the customer than the loanoffered at step 650, the process 300 may return to step 330 to determineif the customer could be prequalified for a loan with more favorableterms than those already secured by the customer.

At step 660, which occurs in parallel to the agent's activities, thetotal loss claim loan offer module 205 sends customer loan data to themarketing direct mail module 255. At step 670, the marketing direct mailmodule 255 creates a prequalification letter from the supplied customerloan data. The prequalification letter would inform the customer of theopportunity to receive a property replacement loan and the terms of theloan. Typically, when a credit inquiry is made resulting in a loanoffer, that offer must be supplied to the intended recipient in writing.At step 680, the marketing direct mail module 255 causes theprequalification letter to be sent to the customer. The process 340moves to step 350. The inclusion of this parallel flow of activitiesensures that the customer receives a written offer providing theproperty replacement loan opportunity.

For the purposes of this disclosure, the term exemplary means exampleonly. Although the disclosed embodiments are described in detail in thepresent disclosure, it should be understood that various changes,substitutions and alterations can be made to the embodiments withoutdeparting from their spirit and scope.

What is claimed is:
 1. A computer-based method for automaticallyproviding a loan offer to a customer comprising the steps of: receiving,by a loan offer computer over a network connection from an applicationexecuted by an insurance processing computing device associated with anagent of the customer, an indication of a total loss event for acustomer's property insured by an insurance policy; wherein the loanoffer computer is associated with a financial institution computernetwork that offers loan services; and wherein the insurance processingcomputing device is associated with the agent of the customer and is incommunication with a computer network of an insurance provider thatprovides the insurance policy; wherein the loan offer computer isconnected via the network connection to the insurance processingcomputing device so that the financial institution computer network isthereby connected to the insurance provider computer network;extracting, by the loan offer computer, customer loan data from a datasource residing on the insurance processing computing device forcustomer-specific prequalification data regarding the customer;determining, by the loan offer computer, based on the customer-specificprequalification data regarding the customer, whether the customer haselected privacy options that would prevent the use of thecustomer-specific prequalification data for determining whether toprovide the loan offer; determining, by the loan offer computer, whetherthe customer-specific data prequalification includes at least one pieceof data that is usable by a credit bureau for performing a credit check;transmitting, by the loan offer computer and over an Internet, thecustomer-specific prequalification data to a credit bureau computersystem associated with the credit bureau when both (a) the customer hasnot elected privacy options that would prevent the use of thecustomer-specific prequalification data for determining whether toprovide the loan offer and (b) the customer-specific data includes atleast one piece of data that is usable by the credit bureau forperforming a credit check; receiving, by the loan offer computer fromthe credit bureau computer system and over the Internet, a result of acredit evaluation regarding the customer's credit; receiving by the loanoffer computer over the Internet a determination from the credit bureaucomputer system, whether the customer prequalifies for a propertyreplacement loan for replacing the property involved in the total lossevent based on the result of the credit evaluation received from thecredit bureau computer system; and pushing by the loan offer computer anotification including an offer for the property replacement loan to theinsurance processing computing device associated with the agent of thecustomer, when the customer prequalifies for the property replacementloan.
 2. The method of claim 1 wherein the result of the creditevaluation is a credit score.
 3. The method of claim 1 wherein theresult of the credit evaluation received from the credit bureau computersystem comprises a determination by the credit bureau of whether thecustomer prequalifies for the loan.
 4. The method of claim 1 furthercomprising the steps of: transmitting, by the loan offer computer andover the Internet to a computer associated with the customer, a computergenerated page that indicates the loan offer; receiving, by the loanoffer computer and over the Internet from the computer associated withthe customer, a response to the loan offer from the customer; andgenerating, by the loan offer computer, a prequalification letter; andtransmitting, by the loan offer computer and over the Internet to thecomputer associated with the customer, the prequalification letter afterreceiving the response to the loan offer.
 5. The method of claim 1wherein the offer for the property replacement loan is an offer for arefinancing loan.
 6. The method of claim 1 wherein the step oftransmitting, by the loan offer computer, the customer-specificprequalification data to the credit bureau computer system comprises theloan offer computer transmitting the data to a plurality of creditbureau computer systems associated with a plurality of credit bureaus.7. The method of claim 1 wherein the customer loan data from a datasource residing on the insurance processing computing device comprises areplacement value for the customer's property involved in the total lossevent, and the method further comprises establishing an amount for theloan based on the replacement value of the customer's property involvedin the total loss event.